The $323bn California Public Employees’ Retirement System (CalPERS) is taking a hard look at its reputation in the private equity world, hearing from expert panelists and internal staffers who describe the pension giant as an indecisive and unpredictable partner in private equity investments.

The pension fund is in the midst of a long-term review of its private equity strategy, which offers a chance for the board to “hear the best advice” and “clear our minds,” CIO Ted Eliopoulous said at the fund’s July 17 meeting. CalPERS has the scale and the expertise to be a real leader in private equity, Eliopoulos said, but a major hurdle is getting the board and staff to commit to a clear strategy for the asset class, something that’s been hindered by internal disagreements and staff turnover.

“We’ve wrestled with how to pursue alternative ways to invest in private equity,” Eliopoulos said. “We’ve always come up to the finish line and stopped short of really moving forward in any particular way with any scale or force behind it.”

Read the full story: CalPERS grapples with its inconsistent reputation on private equity

Published by Money Management Report/Pageant Media